Gov. Pritzker signs pension consolidation bill into law

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Illinois gubernatorial candidate J.B. Pritzker stands with his Illinois gubernatorial Lieutenant Governor candidate Juliana Stratton as he speaks to reporters after sitting with high school students during a round table discussion at a creative workspace for women on October 1, 2018 in Chicago, Illinois. (Photo by Joshua Lott/Getty Images)

CHICAGO — Governor JB Pritzker signed a pension reform bill into law Wednesday.

The bill, SB1300, will consolidate the state’s 649 downstate and suburban police and fire pension funds to increase investment returns and decrease the cost of managing the funds.

This bipartisan pension reform is expected to produce an additional $820 million to $2.5 billion in investment returns. The state believes the law will reduce the reliance on property taxes for funding.

With Gov. Pritzker’s signature, SB1300 is now Public Act 101-0610.

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